The Economic Times Communications Agency reported on the 29th that the U.S.-Iran situation remains unresolved. Although U.S. President Trump indicated that he would consider easing sanctions on Iran once there is "concrete progress" on the Iranian nuclear issue, the market generally remains cautious about the implementation process and has started positioning ahead of Friday's upcoming U.S. September non-farm payroll data. Wall Street's risk appetite contracted overnight, pushing the yield on the U.S. 10-year Treasury note to a new high of 5.279%, the highest level in over 19 years. Asian equities remained weak today, with Hong Kong stocks following suit. The Hang Seng Index widened its losses after opening and traded around the 24,500 level throughout the day, eventually holding above 24,500 and closing at 24,523, down 118 points or 0.5%. Total board turnover exceeded HK$184.6 billion. The Hang Seng China Enterprises Index closed at 8,178, down 38 points or 0.5%. The Hang Seng Tech Index closed at 4,249, down 46 points or 1.1%.
Following yesterday's total market turnover of only about HK$180 billion, today's turnover remained at a similar level, indicating that northbound funds have clearly weakened ahead of the holiday. Yesterday's end of the 14-day consecutive northbound inflow streak further confirms this. Although northbound funds resumed net inflows today, the net inflow was only HK$15 million. By region, Shanghai saw northbound inflows exceeding HK$2.3 billion, supporting the market, while Shenzhen saw northbound outflows exceeding HK$2.3 billion, completely offsetting Shanghai's buying momentum. This effectively marks nearly two consecutive days of net outflows. Northbound funds are expected to remain lackluster on the last trading day before the holiday, keeping turnover and support at low levels.
*Property stocks rally; auto stocks pressured by 'de-Ningde-era' trend*
Four departments including Shanghai's Housing and Urban-Rural Development Commission jointly issued the "Implementation Opinions on Implementing the Notice on Improving the Commodity Housing Sales System," proposing measures to strengthen pre-sale management, implement ready-to-sell housing, promote the lead bank system, increase financing support, optimize land supply management, and improve quality supervision and market order regulation. Property stocks benefited broadly and surged; Shimao Group (00813) rose 15.8%, closing at HK$0.044; Sunac (01918) rose 8.7%, closing at HK$0.69; Vanke (02202) rose 11.3%, closing at HK$2.81; Longfor (00960) rose 5.9%, closing at HK$5.77; R&F Properties (01109) rose 3.4%, closing at HK$30.46; China Overseas (00688) rose 3.7%, closing at HK$13.37.
Seven departments including the Ministry of Industry and Information Technology yesterday released the jointly formulated "15th Five-Year Plan for the Development of New-Type Battery Industry," setting a target for 2030: continuous enhancement of full-chain innovation capabilities, new breakthroughs in advanced electrode materials and new electrolytes, significant progress in new-system battery research, and initial large-scale application of all-solid-state batteries. Battery-related stocks in the A-share market rallied, while auto stocks, previously rumored to be pursuing 'de-Ningde-era' strategies and in-house battery development, came under significant pressure; Geely (00175) fell 7.4%, closing at HK$14.98; NIO (09866) fell 5.1%, closing at HK$27; Xiaomi (01810) fell 2.6%, closing at HK$25.2; Li Auto (02015) fell 2.6%, closing at HK$44.54.
Convoy Biosciences (09926)'s overseas partner Summit received a proposed investment of $2 billion from AstraZeneca, representing an 18.6% premium over Summit's Monday closing price of $15.48, causing Summit's shares to rise over 18% after hours. The news boosted Convoy Biosciences' share price, which surged 15.5% for the day, closing at HK$106.3 on a volume of approximately 33.38 million shares, involving HK$3.478 billion.
*Anta remains stably supported above HK$70, brokers optimistic on potential breakout above 250-day MA*
UBS recently raised its target price for Anta (02020) from HK$104.5 to HK$108.5, noting that despite concerns over weak domestic consumption, the market has underestimated Anta's earnings resilience. The company's various brands are at different lifecycle stages, each contributing to growth, making Anta structurally more resilient than its peers. Additionally, the firm believes Anta's overseas expansion is undervalued, with the global networks of Amer and Puma expected to generate synergies.
Besides UBS's expectations of earnings resilience, Anta's recent share price performance has also shown strength. Since last year-end, Anta has been repeatedly pressured by resistance at its 250-day moving average. Despite this, the stock's pullback has remained limited. In July, support at the HK$70 level became notably stronger, and the stock has not significantly breached this level since. Last week, after touching HK$70 again, the stock rebounded. It is expected that every time the stock nears HK$70, there will be buying interest providing support. Investors may consider following up at this level, with initial short-term resistance around the 250-day MA at approximately HK$77. A successful breakout above this level could open the way toward a medium-term target of HK$84. (hc)
Following yesterday's total market turnover of only about HK$180 billion, today's turnover remained at a similar level, indicating that northbound funds have clearly weakened ahead of the holiday. Yesterday's end of the 14-day consecutive northbound inflow streak further confirms this. Although northbound funds resumed net inflows today, the net inflow was only HK$15 million. By region, Shanghai saw northbound inflows exceeding HK$2.3 billion, supporting the market, while Shenzhen saw northbound outflows exceeding HK$2.3 billion, completely offsetting Shanghai's buying momentum. This effectively marks nearly two consecutive days of net outflows. Northbound funds are expected to remain lackluster on the last trading day before the holiday, keeping turnover and support at low levels.
*Property stocks rally; auto stocks pressured by 'de-Ningde-era' trend*
Four departments including Shanghai's Housing and Urban-Rural Development Commission jointly issued the "Implementation Opinions on Implementing the Notice on Improving the Commodity Housing Sales System," proposing measures to strengthen pre-sale management, implement ready-to-sell housing, promote the lead bank system, increase financing support, optimize land supply management, and improve quality supervision and market order regulation. Property stocks benefited broadly and surged; Shimao Group (00813) rose 15.8%, closing at HK$0.044; Sunac (01918) rose 8.7%, closing at HK$0.69; Vanke (02202) rose 11.3%, closing at HK$2.81; Longfor (00960) rose 5.9%, closing at HK$5.77; R&F Properties (01109) rose 3.4%, closing at HK$30.46; China Overseas (00688) rose 3.7%, closing at HK$13.37.
Seven departments including the Ministry of Industry and Information Technology yesterday released the jointly formulated "15th Five-Year Plan for the Development of New-Type Battery Industry," setting a target for 2030: continuous enhancement of full-chain innovation capabilities, new breakthroughs in advanced electrode materials and new electrolytes, significant progress in new-system battery research, and initial large-scale application of all-solid-state batteries. Battery-related stocks in the A-share market rallied, while auto stocks, previously rumored to be pursuing 'de-Ningde-era' strategies and in-house battery development, came under significant pressure; Geely (00175) fell 7.4%, closing at HK$14.98; NIO (09866) fell 5.1%, closing at HK$27; Xiaomi (01810) fell 2.6%, closing at HK$25.2; Li Auto (02015) fell 2.6%, closing at HK$44.54.
Convoy Biosciences (09926)'s overseas partner Summit received a proposed investment of $2 billion from AstraZeneca, representing an 18.6% premium over Summit's Monday closing price of $15.48, causing Summit's shares to rise over 18% after hours. The news boosted Convoy Biosciences' share price, which surged 15.5% for the day, closing at HK$106.3 on a volume of approximately 33.38 million shares, involving HK$3.478 billion.
*Anta remains stably supported above HK$70, brokers optimistic on potential breakout above 250-day MA*
UBS recently raised its target price for Anta (02020) from HK$104.5 to HK$108.5, noting that despite concerns over weak domestic consumption, the market has underestimated Anta's earnings resilience. The company's various brands are at different lifecycle stages, each contributing to growth, making Anta structurally more resilient than its peers. Additionally, the firm believes Anta's overseas expansion is undervalued, with the global networks of Amer and Puma expected to generate synergies.
Besides UBS's expectations of earnings resilience, Anta's recent share price performance has also shown strength. Since last year-end, Anta has been repeatedly pressured by resistance at its 250-day moving average. Despite this, the stock's pullback has remained limited. In July, support at the HK$70 level became notably stronger, and the stock has not significantly breached this level since. Last week, after touching HK$70 again, the stock rebounded. It is expected that every time the stock nears HK$70, there will be buying interest providing support. Investors may consider following up at this level, with initial short-term resistance around the 250-day MA at approximately HK$77. A successful breakout above this level could open the way toward a medium-term target of HK$84. (hc)
